Toronto Home Sales Up, Prices Down in 2024

A total of 67,610 home sales were recorded in the Greater Toronto Area during 2024, a 2.6% increase from the 65,877 sales in 2023.

According to data from the Toronto Regional Real Estate Board (TRREB), there was a total of 166,121 new listings for this market in 2024, up by 16.4%. At the same time, the average selling price for all home types combined was $1,117,600 in 2024, a drop of less than 1% compared to the 2023 average of $1,126,263. TRREB observed that price declines were more notable for condo apartments.

“Market conditions varied by market segment in 2024,” said TRREB Chief Market Analyst Jason Mercer. “Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments.”

For the month of December, Greater Toronto Area home sales amounted to 3,359, a slight decline from one year earlier, while the average price at $1,06 million was also down slightly from December 2023.

“Consumer sentiment, monetary policy, development policy, and issues such as congestion continued to impact the resale, new, and rental housing markets in 2024,” said TRREB CEO John DiMichele. “Government policies on these fronts need to be reviewed in 2025. TRREB is providing in-depth coverage on all of these topics in our highly anticipated Market Outlook and Year in Review report to be released at the beginning of February.”